
\begin{table}[h!]
\caption{Direct Democracy and Government Spending without City Cantons}
\begin{center}
\scalebox{0.8}{
\begin{tabular}{l D{.}{.}{3.7} D{.}{.}{3.7} D{.}{.}{3.7} D{.}{.}{3.7}}
\toprule
 & \multicolumn{1}{c}{Model 1} & \multicolumn{1}{c}{Model 2} & \multicolumn{1}{c}{Model 3} & \multicolumn{1}{c}{Model 4} \\
\midrule
Number Parties              & 0.10^{***}    & 0.05^{*}      & 0.05^{*}      & 0.09^{**}     \\
                            & (0.03)        & (0.02)        & (0.02)        & (0.03)        \\
Initiatives                 & 0.05^{**}     & 0.02          & 0.02          & 0.06^{**}     \\
                            & (0.02)        & (0.01)        & (0.01)        & (0.02)        \\
Financial Ref. (Threshold)  & 0.16^{*}      & 0.18^{*}      & 0.40^{*}      & 0.35^{\cdot}  \\
                            & (0.07)        & (0.08)        & (0.18)        & (0.19)        \\
With Financial Ref.         & -0.01         & 0.01          & 0.01          & -0.01         \\
                            & (0.03)        & (0.04)        & (0.04)        & (0.03)        \\
Law Ref.                    & 0.00          & 0.01          & 0.00          & -0.00         \\
                            & (0.01)        & (0.02)        & (0.01)        & (0.02)        \\
Lag Dep. Var.               & -0.30^{***}   & -0.30^{***}   & -0.30^{***}   & -0.30^{***}   \\
                            & (0.05)        & (0.04)        & (0.04)        & (0.05)        \\
Share First Sector          & -0.31         & -0.28         & -0.28         & -0.31         \\
                            & (0.29)        & (0.29)        & (0.29)        & (0.30)        \\
Share Second Sector         & -0.29         & -0.18         & -0.14         & -0.27         \\
                            & (0.38)        & (0.37)        & (0.38)        & (0.38)        \\
Dependency Ration           & 0.88          & 0.81          & 0.84          & 0.93          \\
                            & (0.60)        & (0.66)        & (0.64)        & (0.60)        \\
Infant Mort.                & -0.03         & -0.01         & -0.02         & -0.06         \\
                            & (0.56)        & (0.56)        & (0.55)        & (0.57)        \\
Share Left Parties          & -0.07         & -0.12         & -0.11         & -0.06         \\
                            & (0.09)        & (0.09)        & (0.10)        & (0.09)        \\
Proportional Representation & -0.07^{*}     & -0.07^{*}     & -0.07^{*}     & -0.07^{*}     \\
                            & (0.03)        & (0.03)        & (0.03)        & (0.03)        \\
Physician Density           & -0.11^{\cdot} & -0.11^{\cdot} & -0.11^{\cdot} & -0.11^{\cdot} \\
                            & (0.06)        & (0.06)        & (0.06)        & (0.06)        \\
ln Population Size          & 0.15^{*}      & 0.10^{\cdot}  & 0.09          & 0.14^{*}      \\
                            & (0.06)        & (0.06)        & (0.06)        & (0.06)        \\
ln Federal Subsidies        & 0.04^{***}    & 0.04^{***}    & 0.04^{***}    & 0.04^{***}    \\
                            & (0.01)        & (0.01)        & (0.01)        & (0.01)        \\
Num. Par. * Init.           & -0.02^{***}   &               &               & -0.02^{**}    \\
                            & (0.00)        &               &               & (0.01)        \\
Num. Par. * Law Ref.        &               & -0.00         &               & 0.00          \\
                            &               & (0.00)        &               & (0.00)        \\
Num. Par. * Fin. Ref.       &               &               & -0.09         & -0.08         \\
                            &               &               & (0.07)        & (0.07)        \\
\midrule
R$^2$                       & 0.53          & 0.52          & 0.52          & 0.53          \\
Adj. R$^2$                  & 0.46          & 0.45          & 0.45          & 0.46          \\
Num. obs.                   & 564           & 564           & 564           & 564           \\
\bottomrule
\multicolumn{5}{l}{\scriptsize{$^{***}p<0.001$; $^{**}p<0.01$; $^{*}p<0.05$; $^{\cdot}p<0.1$}}
\end{tabular}
}
\label{est3}
\end{center}
\end{table}
